§1212. Organization of nondepository trust companies

1.Organization.
A nondepository trust company must be organized pursuant to chapter 31.

[
1997, c. 398, Pt. J, §2 (NEW)
.]

2.Organizational documents.
The organizational documents of a nondepository trust company that are filed with
the Secretary of State must contain the following statement: "This corporation, limited
liability company, limited partnership or limited liability partnership is subject
to the Maine Revised Statutes, Title 9-B, chapter 121 and does not have the power
to solicit, receive or accept money or its equivalent on deposit or to lend money
except for lending reasonably related to and deriving from its service as fiduciary
or its conduct of trust business." This statement in the organizational documents
of a nondepository trust company may not be amended.

[
1997, c. 398, Pt. J, §2 (NEW)
.]

3.Conversion.
A nondepository trust company may convert to any other type of investor-owned financial
institution pursuant to chapter 34.

[
1997, c. 398, Pt. J, §2 (NEW)
.]

SECTION HISTORY

1997, c. 398, §J2 (NEW).

The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.